Nomura Holdings continues to face pressure in the corporate bond market, with its reputation affected by the manipulation scandal.

On December 2nd, Nomura Holdings Inc. is still facing pressure in the corporate bond market rankings. Its reputation was damaged due to a market manipulation scandal, and the scrutiny of corporate governance violations in Japan is increasing. Data shows that as of December 2nd, Nomura Holdings, Japan’s largest brokerage firm, has dropped to sixth place in the rankings, with a market share reduced to 1.9%. Online brokerage firm SBI Holdings has surpassed this larger competitor. The reason for this decline is that bond issuers, including KDDI, did not appoint Nomura Holdings as their bond issuance arranger. Professor Yumiko Miura, who researches corporate governance at Meiji University, said that as financial institutions need to take on more responsibility, bond issuers and market investors are becoming more sensitive to working with financial institutions found to have violated regulations.